Rent Bomb Dropped! Biden’s Plan Caps Rent Hikes for Affordable Havens

Here’s what tenants need to know about Biden’s plan to cap rent hikes for some affordable housing units

The Biden administration has implemented a new rule limiting rent increases in certain affordable housing units across the country.

This move aims to provide stability for low-income renters and prevent displacement.

The cap on rent increases applies to units that receive funding from the Low-Income Housing Tax Credit (LIHTC), the largest federal affordable housing program.

These units have income restrictions, and the cap on rent increases will help ensure that eligible tenants can continue to afford their homes.

To determine if you are living in an LIHTC-funded unit, check your lease for “tax credit” or “LIHTC.”

You can also contact your landlord, local housing agency, or search online databases.

Under the new rule, rent increases in these units cannot exceed 10% annually.

This will prevent landlords from unfairly raising rents for vulnerable tenants, such as seniors, families with children, and people with disabilities.

If you suspect your landlord is violating the new rule, you should contact them and provide a copy of the government’s announcement.

You may also consider seeking legal assistance from local tenant resources.

While some housing experts believe the rent cap will discourage new construction and reduce the quality of rental housing, tenant advocates argue that it is necessary to protect vulnerable populations and maintain affordability.

The cap on rent increases is an important step towards addressing the housing crisis and ensuring that people have a safe and stable place to live.